Gold price has stabilized after sharp jumps and new highs. The asset is highly susceptible to any reports from official sources about the coronavirus proliferation. Gold will be at its highs until some positive news come up.
GOLD/USD, 30 min
Pivot: 1662.70
As long as Gold is traded above 1649.00, please follow these recommendations:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1662.70
- Take Profit 1: 1671.00
- Take Profit 2: 1681.00
Alternative scenario:
In case of breakdown of level 1649.00 follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1649.00
- Take Profit 1 - 1642.00
- Take Profit 2 - 1632.00
Comment:
RSI shows growth as the main movement intraday. Gold may grow by 1.1% as an upward trend prevails within the day.
Key levels:
Resistance | Support |
1690.00 | 1649.00 |
1681.00 | 1642.00 |
1671.00 | 1632.00 |
GOLD/USD, D1
Pivot: 1658.30
As long as the price is above 1594.00, please follow these recommendations:
- Time frame: D1
- Recommendation: long position
- Entry point: 1658.3
- Take Profit 1 - 1700.00
- Take Profit 2 - 1765.00
Alternative scenario:
In case of breakdown of level 1594.00 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1594.00
- Take Profit 1: 1555.00
- Take Profit 2: 1515.00
Comment:
RSI shows buying power and further upward movement within the uptrend.
Key levels:
Resistance | Support |
1800.00 | 1594.00 |
1765.00 | 1555.00 |
1700.00 | 1515.00 |
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